The new and faster way to transfer money online

A new and faster electronic payments platform will be introduced early next month and is expected to reduce the use of cash and cheques.

The New Payments Platform will allow you to pay anyone instantly with something as simple as a mobile phone number and it’s been dubbed one of the biggest changes to payments Australia has seen.

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“Just the act of paying a friend or paying your mum or dad will get quicker and you won’t have to think about when are the banking days, because every day will be a banking,” said Adrian Lovney of New Payments Platform.

The new payments platform means cash will no longer be king and waiting days for cheques to clear – a dim and distant memory.

The drama of splitting bills at restaurants becomes less dramatic.

“It’d be really convenient for everyone cos it saves time,” one member of the public told Nine News.

Tradies too can see the upside.

“If that would make the money come through a lot easier and a lot quicker then, yeh, definitely we’d try something like that,” said electrician Alex Fernandez.

The system will operate within each bank’s online and mobile platforms.

“We’ve very much moved to a digital economy: and Australia is moving away from cash as well. And so the ability to make and receive payments in real time, I think, is really important for our customers,” said ING Direct’s Tim Newman

ING Direct, a key supporter, says customers will find it simple.

“A lot of testing has happened to get us to this point but we’re ready to go,” ING Direct’s Tim Newman added.

From early February, about 50 institutions big and small will begin rolling out services to customers.

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